BlackRock’s ETF Application Triggers US BTC Buying Spree – Expert

According to a recent prediction, Bitcoin (BTC) will be so valuable in the future that those with zero crypto exposure won’t be profitable in their businesses. The latest forecast was made by investor Luke Broyles in a recent Twitter post while sharing his insights about the long-term viability of the world’s leading crypto asset.

The Future Trajectory Of Bitcoin

The investor who initially was commenting on the importance of artificial intelligence in the crypto sector touched on the future trajectory of Bitcoin. According to Broyles, BTC’s selling point is its limited and immutable supply, making it unique as the most sought-after asset for the future.

He added that every emerging innovation, AI inclusive, will develop to a stage where prices will drop due to fierce competition among market players. In addition, Broyles hinted that some countries, in reaction to Bitcoin’s dominance, would rush to print more currency to push the prices up and stabilize the credit market.

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On the other hand, BTC will remain stable position and be the go-to asset for global transactions. Furthermore, Broyles noted that the current trends in the Bitcoin market are an exposition of what is to come.

With BTC trading in millions of dollars in several countries, the investor predicts that the leading cryptocurrency will be society’s base money in the future, and transaction settlements for all innovations at that time would be denominated in BTC. Meanwhile, Broyles stated that BTC is better than being labeled as digital gold. The comparison is like saying a locomotive, and an iron horse are the same.

Meanwhile, Arthur Hayes, the former CEO of BitMex, the crypto derivatives platform, had previously echoed the same sentiment as Broyles. Hayes earlier predicted that AI would naturally choose Bitcoin as its financial settlement option due to its unique qualities compared to other crypto assets.

Hayes opined that AI could singlehandedly push the price of 1 BTC to over $750,000.

BTC Supply Is At Inflection Point – Data

Meanwhile, recent activities within the Bitcoin ecosystem show the race to secure the remaining BTC supply. According to Broyles, Bitcoin liquidity reached its highest during the 2020 market bloodbath, but he believes it will never reach such levels again.

Following the world’s leading asset manager’s application for a spot Bitcoin exchange-traded fund (ETF), Bitcoin-related activities in the United States spiked to reflect the growing institutional interest in the asset. On-chain data from a crypto analytic platform, Glassnode, shows a positive change to Bitcoin exposure by the US crypto market.

Glassnode added that BlackRock’s decision to file for ETF approvals from the US Securities and Exchange Commission (SEC) last month resulted in a significant uptick in the volume of BTC supply held or traded by entities based in the United States.

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The analytics platform further noted that BTC supply dominance will keep rising should this institutional interest in the leading crypto asset be sustained. Meanwhile, BlackRock’s application for a Bitcoin ETF has spurred other asset managers to refile for approvals in issuing a crypto-based ETF for their customers.

Industry analysts believe it is only a matter of time before the commission approves the first spot BTC ETF as institutional demand for it keeps rising.

Author: Owen Clark

Owen Clark, a seasoned crypto newsman and broker, deciphers the intricacies of the digital currency realm, empowering investors with his astute analysis and actionable insights.

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